To get your offer on a foreclosed property accepted I have found it helps to:
1. Act quickly; the good buys are going very fast - sometimes within hours!
2. Fill out the contract and the additional forms required by the bank completely; they just don't have the time to chase you down to ask you question.
3. Make your offer as strong, simple and clean as possible; this is not the time to get creative, have contingencies, etc.
4. Submit your offer with a bank letter verifying proof of funds or a pre-approval letter from a recognized lending institution.
5. Be nice to the listing agent - she can really help you out!
Marie Story
Broker Associate, ABR,CIPS,GRI
Coldwell Banker Residential Real Estate
12651 South Dixie Hwy., Pinecrest (Miami), FL 33156
(305) 776-0010
Marie, yes that is all well and true. But, then you have to deal with the unknowns: the lender's staff -- what day of the week is it? did they wake up on the wrong side of the bed? what kind of attitude do they have? are you dealing with the decision makers?
I've been reading of some difficult short-sale and foreclosure stories on AR, as well as stories about dealing with lenders for loan mods.
Andrew, I hear what you're saying! But there is a BIG difference between a short sale and a foreclosure.
I can handle foreclosures all day long. But a short sale; won't touch it unless is has already been approved by the lender.